Over the past couple of weeks China’s stock market tumble has left a lot of people out of pocket. Hedge fund managers are no exception. But while the bulls may have buckled, there are a handful of bears who have been up to their elbows in honey. Here we take a look at the winners and losers:
Crispin Odey’s Odey Asset Managment – Winner
It may come as no surprise that the man who made his fortune predicting the credit crunch has struck gold once again with this most recent meltdown. His bet against China is believed to have helped him rake in $225 million for himself. His fund has soared by around 10% this month.
Russell Clark’s Horseman Capital – Winner
London-based Horseman, which has more than $2.4 billion in assets, is one of the biggest winners. Its flagship Global fun pocketed a more than 7.6% gain for this month, bringing its return for the year to 15.8%, says the Wall Street Journal.
Man Group – Winner
Another London-based winner. The Telegraph reports that world’s largest listed hedge fund vehicle saw its shares rise more than 6% over the past month. This offset earlier losses in the year.
Mark Spitznagel’s Universa Investments – Winner
The “Black Swan fund” – so named for its affiliation with The Black Swan author Nassim Nicholas Taleb – gained more than $1 billion from the rout, putting the fund up 20% on Monday, reports the Wall Street Journal. The fund’s strategy is to seek profit from extreme market events.
Bill Ackman’s Pershing Square – Loser
The Wall Street heavyweight told investors in a letter earlier this week that his Pershing Square Capital is now posting a loss after gaining 10% through July. The biggest casualties in its portfolio were Mondelez, Valeant Pharmaceuticals, and Canadian Pacific.
Dan Leob’s Third Point – Loser
Leob’s fund was down about 7% for the month through early this week, reported the Wall Street Journal, citing people familiar with the matter. Quite a fall considering Third Point was up 5.7% through the end of July.
Leon Cooperman’s Omega Advisors – Loser
The $9 billion hedge fund and longtime bull lost 11% as of the end of last week. The firm was hit particularly hard the by decline in the share prices of Allergan, AerCap, Citigroup, and the American International Group – four of its top stock holdings.
Ray Dalio’s Bridgewater Associates – Loser
Even the world’s biggest hedge fund was not spared by the rout. According to the NY Times, the $162 billion firm told investors last week that its Pure Alpha fund was down 4.7% for the month. It had been 11.8% up going into the month.
Photo: Tambako The Jaguar